Xiaomi stock soars as company’s first EV goes on sale

If share prices are any indication, the Chinese IT giant has done well to release its first automobile, the SU7. The Xiaomi stock has risen 16% on the launch day, Bloomberg reports.

The automaker had reportedly received 90,000 confirmed reservations for the all-electric sedan, surpassing even the wildest estimates. The car is now said to be on track to becoming a worldwide bestseller, on par with the Tesla Model 3.

Goldman Sachs chimes in with a little pessimism, though. Like most starting car companies, Xiaomi may find it difficult to deliver on all the preorders. Its first and only car is barely on sale at this point, and the backorder has already gone up from 5–8 weeks to 18–21 weeks.

In its cheapest form, the SU7 packs a single electric motor and pumps out 299 PS (295 hp / 220 kW). It costs 216,000 Yuan in China. Opting for the 673-PS (664-hp / 495-kW) flagship spec will cost you from 300,000 Yuan. Battery size determines the range, but it only varies from 700 to 830 km (435–515 miles) according to the latest Chinese measurement standard.